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USDJPY Elliot Waves Analysis For 13 April 2016

13 April 2016, USD/JPY

USDJPY Elliot Waves Analysis For 13 April 2016

Wave Analysis:
USDJPY is currently trading with a bullish bias. Yesterday, the pair got supported along the support zone 107.7-107.8, and is currently trading within the rising channel. As long as the pair trades above the supportive trend line forming bottom of the rising trend line, expect an upward rally towards 109.61. A clear break below this supportive trend line will push the price to the lower side with an ideal target at 107.89. This pair should be traded alongside EUR/JPY, GBP/JPY, USD/CHF and AUD/JPY. These pairs have a strong positive correlation of up to +0.9 and will likely have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades above the supportive trend line forming bottom of the rising trend line, expect an upward rally towards 109.61. A break above this level will push the price further.

Graham Osano
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